An account was opened with $1,000 three years ago. Today, the account balance is $1,150.30. If the account earns simple interest, how long will it take until the account has earned a total of $501 in interest?

Q: A child's grandparents have opened a #574895 savings account for the child on the day of her birth.…

A: Given  Present value  P = Money deposit by grandparents at the time of birth of grandchild = 574895…

Q: Bill wants to buy a new car in three years from now. He expects that the price of a car will be…

A: The expected price of car in three year from now (FV)= $15000 Rate of interest =5% To calculate the…

Q: It refers to annuity that doesn’t start until some time in the future.   a Late Annuity   b…

A: An annuity refers to a contract designed to provide a certain a amount of income which is payable at…

Q: An investment company is going to place $300,000 into an annuity. Then, it is going to add $25,000 a…

A: An investment is the responsibility of money or capital to something with the expectation of profit…

Q: If you deposit $2,042 today in a savings account that pays 8% interest annually, how much would you…

A: Given: Principal (P) = $2042 Interest rate (R) = 8% annually Time (T) = 5 years

Q: How long in years will money double its amount if invested at 10% simple interest?

A: Given interest r= 10%

Q: hance You miss the 11th to 13th payments of a loan. The loan payments are $519.27 each month and the…

A: The interest that is calculated using both the principal and the interest that has accrued during…

Q: Interest can be computed more frequently than one time a year Select one: O True O False

A: Interest is the price of money that is borrowed.

Q: On March 25, you borrow some money for 120 days.  What is the maturity date?

A: Remaining Number of Days in March - (31-25) = 6  Number of Days in April - 30 Number of Days in May…

Q: homeowner planning a kitchen remodeling can afford a $700 monthly payment. How much can the…

A: Given,   R = $700  Time = 5 years  Rate (r) = 9%

Q: You purchase a car today using a loan of $19000o APR 6%. plan is to pay during 5 years with equal…

A:

Q: You want to buy a $32,000 car.  You can finance the car for 1.5% interest for 6 years. What is your…

A: The formula for monthly payment is calculated as follows: Monthly payment = Pr121+r12n1+r12n-1 where…

Q: Please show work

A: According to the question, an investment of $2,000 has made for 20 years at 8% per year. The amount…

Q: A bank sales a pledge of savings certificate of 500,000$ to pay 10 years later. to a 4% continuous…

A: The information which has been given to us is as follows:-   Future value is $500,000 n is given to…

Q: You purchased a winning ticket for a $5 million lottery which pays $500,000 immediately and the rest…

A: Here in this question, To decide whether we have to go with the deal or not. We have to find the…

Q: How much will a bank deposit of $2,000 that pays 10% compound interest be worth at the end of 3…

A: Compounding interest is a type of interest calculation where the interest earned on a principal…

Q: Determine the present worth of annuity consisting of 6 payments of 120,000 each payment are made at…

A: Annuity: An annuity could be a series of payments, or cash flows, paid at regular intervals (e.g.,…

Q: Find the future value and total interest of the annuity. ​(Round to the nearest cent as​ needed.)…

A: The measure that determines the value of the asset currently at a date in the future based on its…

Q: Calculate Savings rate when income is $22000 and the APS is 0.48

A: APS is the average propensity to save. It is the ratio of savings and income.

Q: A grocery store sells for $181,500 and a 20% down payment is made. A 35-year mortgage at 6% is…

A: A grocery store sells for $181,500 and a 20% down payment is made. A 35-year mortgage at 6% is…

Q: Calculate the monthly mortgage payment with the following conditions: $515,000 borrowed, 3.15%…

A: According to question the total amount borrowed for the mortgages is $515,000, with the interest…

Q: You opened a savings yesterday by depositing $10,000. You would like to be able to withdraw $2,000…

A: The amount that the lender charges the borrower over and beyond the principal amount is referred to…

Q: If you borrow $12,000 at 20% interest rate for 5 years, what is your ordinary simple interest in…

A: Simple Interest refers to the money that is paid only on principal. Principal is the money that is…

Q: Transaction Description Previous balance, $2652.59 June 1 Billing date June 6 June 8 June 9 June 17…

A: The average balance is the balance on a credit or store account found in the middle value over a…

Q: A person borrowed $200 for one month and paid $30 in interest. However, she did not know whether the…

A: We can calculate the total amount to be repaid and the annual interest rate for both simple and…

Q: nterest rate... How much do you need to deposit in an account today in order to have $11,000 in…

A: Every commercial bank decides its Annual Percentage Rate (APR) range based on the interest rate set…

Q: At the time of retirement, a couple has $200,000.00 in an account that pays 8.4%compounded monthly.…

A: The formula for payout annuity is given below: P0=d[1-(1+rk)-nk](rk)       where, P0 = the account…

Q: The annual interest rate on a credit card is 13.99%. If the minimum payment of $10 is made each…

A: An intеrеst ratе is thе cost of borrowing monеy or thе rеturn on invеstmеnt еxprеssеd as a…

Q: If your receive $500 in simple interest on a loan that you made for $10,000 for 5 years, what was…

A: here we calculate the interest rate charged which are as follow-

Q: after 5 years if the account earns 8.0% interest compounded annually? Be sure to include a cash flow…

A: Cash Flow (CF) is the increase or decrease in the amount of money a business, institution, or…

Q: What is the total cost of interest?

A: Total cost of interest = (monthly MorTgage Payment x Year x 12) -(Loan Amount ) Monthly Mortgage…

Q: Mr. Benedito, a grocery store owner, borrows $50,000.00 from a loan shark, handing him a $77,000.00…

A: Given  Mr. Benedito borrows $50,000, So present value P=$50,000 The value of the promissory note is…

Q: How much should you pay for a $1,000 bond with 10% coupon, annual payments, and 5 years to maturity…

A: The interest rate is the amount a lender charges a borrower and is a percentage of the principal the…

Q: borrowed $25,000 with an add-on rate, 6% for three years, and I have to make veekly payments. Jsing…

A: 8832 would be for 1 year If for one week $184 184*48=8832 For 3 years 8832*3=26496 $26496 is…

Q: Edward wants to take a long trip around Europe 7 years from now. He estimates that he will need…

A: To arrange the $12000 for future trip after 7 years if he chooses to invest in stock portfolio that…

Q: Tom Evers an attorney is planning for retirement. He earns $126,000 a year and estimates that he…

A: Given,  Tom earns $126,000 and estimates that he will need 80% of his salary for retirement in 10…

Q: How can we calculate the effective interest rate, altering the period value?altering the period…

A: The effective interest rate refers to the rate of interest that is paid on an investment or loan or…

Q: You want to be able to withdraw $25,000 from your account each year for 20 years after you retire.…

A: Annuity is a series of cash flows (generally equal in nature) made or received at equal intervals,…

Q: You bought an antique car three years ago for $500 000. Today it is worth $650 000.(a) What annual…

A: Time (t =) 3 years;    Principle (P) = $500,000   Worth after 3 youlf x= $ 150,000

Q: You want to borrow $41,611. You must repay the loan in 13 years in equal monthly payments and a…

A: Loan amount (PV) = $41,611 Term of loan = 13 years Interest rate = 15% nominal per year